Investors are shunning US equities, and Hong Kong Stock Exchange can now claim the biggest IPO of the year. Plus, some western countries are pressuring Israel to end its new Gaza offensive, but . . . Neri Zilber Only one foreign power matters, and that’s the United States, especially under this current US president.

CATL recorded a profit of 55.3 yuan ($7.6 billion) in 2024, up 16.8% from 2023. Its listing surpassed JX Advanced Metals’ $2.9 billion IPO in Japan in March, which was previously the largest this year, according to Renaissance Capital, a provider of pre-IPO research and IPO-focused ETFs.

Stocks rose in Europe and Asia while U.S. markets treaded water—or, rather, hovered just below the surface—as the ‘sell America’ trade kept going in a second day, although with less intensity. The big news was in Hong Kong,